Elon Musk spent the weekend in Idaho at the Sun Valley Conference after announcing his intention to pull out of his deal to buy Twitter.
He spoke on stage, essentially off the record, but a source in the room told CNN's chief media correspondent Brian Stelter that Musk tripled down on his decision to back out of the deal, claiming it's all about the bots.
On Sunday, Stelter said on Reliable Sources, "Musk originally said he was going to fix the bot problem." "The same issue that he now claims is preventing him from closing the deal."
According to Lauren Hirsch of the New York Times, there has been an interesting convergence of events since news of Musk's offer first broke. The stock market "basically fell off a cliff," including Tesla shares, on which Musk was presumably relying to fund a large portion of the transaction.
That could be one of the reasons Musk has appeared to have been skeptical of his purchase offer almost from the moment he made it. "He'd kind of throw daggers out there and then walk away, and we never knew what his intentions were."
At least until Friday, when Musk's lawyer informed Twitter that he is terminating the agreement due to the social media platform's "material breach of multiple provisions" of the original agreement.
Twitter is fighting back, threatening Musk with legal action.
Some have questioned whether Musk's concerns about the bots are simply an excuse to pull out of the deal.
According to Washington Post national correspondent Philip Bump, it's difficult to know what Musk's true motivations are, but he does admit Musk is a "eccentric character."
"I'm sort of fascinated by the ramifications of his announcement," Bump said, "that it very quickly became entangled in American politics."
Some saw Twitter as a "leftist elitist organization" that would be taken over and reshaped by a libertarian conservative.
Former President Donald Trump, who was famously barred from Twitter following the January 6 Capitol Hill violence, recently went on stage at an Alaska political rally and called Musk a "bulls—t artist," calling his decision to withdraw from the Twitter deal "rotten."
One of the big questions right now is what will happen to Twitter, from its employees to its ad revenue to its stock price.
The saga has been ongoing since April, and employees still don't know who their new boss will be, according to Claire Atkinson, Insider's chief media correspondent.
"If you're thinking about advertising on the platform, you want to know, 'Is this product appropriate?'" Atkinson explained. "And what are their ground rules?"
Bots, according to Stelter, are undoubtedly a problem for Twitter, though the extent of their prevalence is unknown. However, Musk may be more affected than the average user.
"I suspect what's going on here is that Musk has a very different Twitter experience than the average user," Stelter explained. "He is inundated with BS responses and spam."
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